Coinbase Stock Rises 5% Despite Weak Financial Results
- Stock Rebound: Coinbase's stock surged 5% on Friday to $147, despite the company reporting declining revenues and soaring losses, indicating market optimism about its future prospects.
- Analyst Ratings Maintained: H.C. Wainwright maintained a buy rating on Coinbase with a target price of $350, implying a 135% upside from current levels, reflecting analysts' recognition of its value.
- Weak Financial Performance: Coinbase reported a drop in transaction revenue to $982 million in Q4, down from $1.5 billion year-over-year, although subscription and services revenue increased to $727 million, indicating a shift in revenue structure.
- Increased Market Risks: Analysts expect Bitcoin to remain under pressure in the near term, with Standard Chartered lowering its target to $100,000 and warning of a potential drop to $50,000, adding uncertainty to Coinbase's future market outlook.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 43228.009 | 51614.004 | 60199.529 | 68585.524 | 77171.049 | 85557.044 | 94142.569 |
| Fibonacci | 51614.004 | 58097.125 | 62102.404 | 68585.524 | 75068.645 | 79073.924 | 85557.044 |
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